Statistical Supplement

Second Quarter 2025


			Lincoln Financial
			Table of Contents


			Notes .................................................................................................................................................................................................................................................................			1-3
			Credit Ratings ...................................................................................................................................................................................................................................................			4
			Consolidated
			Consolidated Statements of Income (Loss) ................................................................................................................................................................................................			5
			Consolidated Balance Sheets .......................................................................................................................................................................................................................			6-7
			Earnings, Shares and Return on Equity .........................................................................................................................................................................................................			8
			Key Stakeholder Metrics ...............................................................................................................................................................................................................................			9
			Select Earnings Drivers By Segment ............................................................................................................................................................................................................			10
			Sales By Segment ..........................................................................................................................................................................................................................................			11
			Operating Revenues and General and Administrative Expenses By Segment and Other Operations......................................................................................................			12
			Operating Commissions and Other Expenses .............................................................................................................................................................................................			13

			Select Earnings and Operational Data from Business Segments and Other Operations

			Annuities .........................................................................................................................................................................................................................................................			14
			Life Insurance ................................................................................................................................................................................................................................................			15
			Group Protection ............................................................................................................................................................................................................................................			16
			Retirement Plan Services ..............................................................................................................................................................................................................................			17
			Other Operations ............................................................................................................................................................................................................................................			18
			DAC and Account Balance Roll Forwards
			Consolidated DAC, VOBA, DSI and DFEL Roll Forwards ..............................................................................................................................................................................			19
			Account Balance Roll Forwards:
			Annuities ......................................................................................................................................................................................................................................................			20-21
			Life Insurance ..............................................................................................................................................................................................................................................			22
			Retirement Plan Services ............................................................................................................................................................................................................................			23
			Investment Information
			Fixed-Income Asset Class .............................................................................................................................................................................................................................			24
			Fixed-Income Credit Quality ..........................................................................................................................................................................................................................			25
			GAAP to Non-GAAP Reconciliations
			Select GAAP to Non-GAAP Reconciliations .................................................................................................................................................................................................			26-30

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Lincoln Financial

Notes

Non-GAAP Measures

Non-GAAP measures do not replace the most directly comparable GAAP measures, and we have included detailed reconciliations herein beginning on page 26.

In the third quarter of 2024, we revised our definition of adjusted income (loss) from operations to exclude the impact of certain additional items that are not indicative of the ongoing operations of

the business and may obscure trends in the underlying performance of the Company. The six month period ended June 30, 2024, has been recast for such third quarter 2024 revisions to conform to

the current period presentation.

Adjusted Income (Loss) From Operations

Adjusted income (loss) from operations is GAAP net income (loss) excluding the effects of the following items, as applicable:

• Items related to annuity product features, which include changes in market risk benefits (“MRBs”), changes in the fair value of the related hedge instruments inclusive of income allocated to support the

cost of hedging or future benefits, and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products (collectively, “net annuity

product features”);

• Items related to life insurance product features, which include changes in the fair value of derivatives we hold as part of variable universal life insurance (“VUL”) hedging, changes in reserves resulting

from benefit ratio unlocking associated with the impact of capital markets, and changes in the fair value of the embedded derivative liabilities of our indexed universal life insurance (“IUL”) contracts

and the associated index options we hold to hedge them (collectively, “net life insurance product features”);

• Credit loss-related adjustments on fixed maturity available-for-sale (“AFS”) securities, mortgage loans on real estate and reinsurance-related assets (“credit loss-related adjustments”);

• Changes in the fair value of equity securities and certain other investments, the impact of certain derivatives, and realized gains (losses) on sales, disposals and impairments of financial assets

(collectively, “investment gains (losses)”);

• Changes in the fair value of reinsurance-related embedded derivatives, trading securities and mortgage loans on real estate electing the fair value option (“changes in the fair value of reinsurance-related

embedded derivatives, trading securities and certain mortgage loans”);

• Income (loss) from the initial adoption of new accounting standards, accounting policy changes and new regulations, including changes in tax law;

• Income (loss) from reserve changes, net of related amortization, on business sold through reinsurance;

• Losses from the impairment of intangible assets and gains (losses) on other non-financial assets;

• Income (loss) from discontinued operations;

• Other items, which include the following: certain legal and regulatory accruals; severance expense related to initiatives that realign the workforce; transaction, integration and other costs related to mergers

and acquisitions, including the acquisition or divestiture, through reinsurance or other means, of businesses or blocks of business, and certain other corporate initiatives; mark-to-market adjustment

related to the LNC stock component of our deferred compensation plans (“deferred compensation mark-to-market adjustment”); gains (losses) on modification or early extinguishment of debt;

and impacts from settlement or curtailment of defined benefit obligations; and

• Income tax benefit (expense) related to the above pre-tax items, including the effect of tax adjustments such as changes to deferred tax valuation allowances.

Adjusted income (loss) from operations available to common stockholders is defined as after-tax adjusted income (loss) from operations less preferred stock dividends.

Adjusted Operating Revenues

Adjusted operating revenues represent GAAP revenues excluding the effects of the following items, as applicable:

• Changes in the fair value of the derivative instruments we hold to hedge guaranteed living benefit (“GLB”) and guaranteed death benefit (“GDB”) riders inclusive of income allocated to support the cost of

hedging or future benefits, and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity and IUL products (“revenue adjustments from

annuity and life insurance product features”);

• Credit loss-related adjustments;

• Investment gains (losses);

• Changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans;

• Revenue adjustments from the initial adoption of new accounting standards;

• Amortization of deferred gains arising from reserve changes on business sold through reinsurance; and

• Gains (losses) on other non-financial assets.

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Lincoln Financial

Notes

Non-GAAP Measures, Continued

Management believes that the use of the non-GAAP financial measures adjusted income (loss) from operations, adjusted income (loss) from operations available to common stockholders, adjusted

income (loss) from operations per diluted share available to common stockholders and adjusted operating revenues is helpful to investors in evaluating the company’s performance.

Management believes that excluding the following items from adjusted income (loss) from operations enhances understanding of the underlying trends and long-term performance of the company’s business.

Management excludes “net annuity product features” as this adjustment primarily represents the difference between the valuation of reserves and the valuation of derivatives utilized for hedging our

variable annuity and indexed annuity products, which can fluctuate significantly from period to period based on changes in equity markets and interest rates. This difference is due to the hedge focus on

managing risks to statutory capital as opposed to the GAAP reserves. Management excludes “net life insurance product features” for similar reasons. In addition, management excludes “credit loss-related

adjustments” and “investment gains (losses)” as the timing of changes in allowances or sales of credit-impaired investments depends largely on market credit cycles and can vary considerably from period

to period and the timing of other sales of investments that would result in gains or losses is driven by market conditions, including interest rates, and other factors. Management excludes “changes in the

fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans” as this adjustment represents the economics of investments in underlying funds withheld portfolios

supporting reinsurance agreements that have been transferred to third-party reinsurers, which is not indicative of our ongoing results.

Finally, management excludes from adjusted income (loss) from operations certain additional items (as set forth in the definition above) that are not necessarily indicative of current operating fundamentals

or future performance of the business segments, and, in most instances, decisions regarding these items do not necessarily relate to the operations of the individual segments. Management believes

excluding these items better explains the results of the company’s ongoing businesses in a manner that allows for enhanced understanding of underlying trends, company performance and business

fundamentals.

Stockholders’ Equity, Excluding AOCI and Preferred Stock

Stockholders’ equity, excluding accumulated other comprehensive income (loss) (“AOCI”) and preferred stock is stockholders’ equity, excluding AOCI and preferred stock. Management believes this metric is

useful to investors to analyze our net worth because it eliminates market movements that can fluctuate significantly from period to period, primarily related to changes in interest rates. Stockholders’ equity

is the most directly comparable GAAP measure.

Adjusted Stockholders’ Equity

Adjusted stockholders’ equity is stockholders’ equity, excluding AOCI, preferred stock, changes in MRBs, GLB and GDB hedge instruments gains (losses), and the difference between amounts

recognized in net income (loss) on reinsurance-related embedded derivatives and the underlying asset portfolios (“reinsurance-related embedded derivatives and portfolio gains (losses)”). Management

believes this metric is useful to investors to analyze our net worth because it eliminates the effect of market movements that can fluctuate significantly from period to period, primarily related to changes

in equity markets and interest rates. Stockholders’ equity is the most directly comparable GAAP measure.

Book Value per Share, Excluding AOCI

Book value per share, excluding AOCI, is calculated by dividing stockholders’ equity, excluding AOCI and preferred stock, by common shares outstanding. Management believes that using book value

per share, excluding AOCI enables investors to analyze the amount of our net worth that is attributable to our business operations. Book value per share, excluding AOCI, is useful to investors because

it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Book value per share is the most directly comparable GAAP measure.

Adjusted Book Value per Share

Adjusted book value per share is calculated by dividing adjusted stockholders’ equity by common shares outstanding. Management believes that using adjusted book value per share enables investors to

analyze the amount of our net worth that is attributable to our business operations. Adjusted book value per share is useful to investors because it eliminates the effect of items that can fluctuate

significantly from period to period, primarily based on changes in equity markets and interest rates. Book value per share is the most directly comparable GAAP measure.

Adjusted Income (Loss) From Operations Available to Common Stockholders, Excluding AOCI and Preferred Stock ROE

Adjusted income (loss) from operations available to common stockholders, excluding AOCI and preferred stock ROE is calculated by dividing annualized adjusted income (loss) from operations available

to common stockholders by average stockholders’ equity, excluding AOCI and preferred stock. Management believes this metric is useful to investors because it eliminates the effect of market movements

on ROE that can fluctuate significantly from period to period, primarily related to changes in interest rates. Net income (loss) ROE is the most directly comparable GAAP measure.

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Lincoln Financial

Notes

Non-GAAP Measures, Continued

Adjusted Income (Loss) From Operations ROE

Adjusted income (loss) from operations ROE is calculated by dividing annualized adjusted income (loss) from operations available to common stockholders by adjusted average stockholders’ equity.

Management believes this metric is useful to investors because it eliminates the effect of market movements on ROE that can fluctuate significantly from period to period, primarily related to changes

in equity markets and interest rates. Net income (loss) ROE is the most directly comparable GAAP measure.

Computations

• The quarterly financial information for the current year may not sum to the corresponding year-to-date amount as both are rounded to millions.

• The financial ratios reported herein are calculated using whole dollars instead of dollars rounded to millions.

• We exclude deferred units of LNC stock that are antidilutive from our diluted net income (loss) earnings per share calculation. In addition, for any period where a net loss or adjusted loss from operations

is experienced, shares used in the diluted EPS calculation represent basic shares, as the use of diluted shares would result in a lower loss per share.

Definitions

Holding company available liquidity consists of cash and invested cash, excluding cash held as collateral, and certain short-term investments that can be readily converted into cash, net of commercial paper

outstanding.

Return on equity (“ROE”) measures how efficiently we generate profits from the resources provided by our net assets. See adjusted income (loss) from operations ROE above and adjusted income (loss) from

operations available to common stockholders, excluding AOCI and preferred stock ROE on page 2 for further information on how these metrics are calculated. Management evaluates consolidated ROE by both

including and excluding the effect of average goodwill.

Leverage ratio is a measure that we use to monitor the level of our debt relative to our total capitalization. Debt used in this metric reflects total debt and preferred stock adjusted for certain items.

Total capitalization reflects debt used in the numerator of this ratio and stockholders' equity adjusted for certain items.

Sales as reported consist of the following:

• Annuities and Retirement Plan Services – deposits from new and existing customers;

• Universal life insurance (“UL”), IUL, VUL – first-year commissionable premiums plus 5% of excess premiums received;

• MoneyGuard® linked-benefit products – MoneyGuard® (UL) and MoneyGuard Market AdvantageSM (VUL), 150% of commissionable premiums;

• Executive Benefits – insurance and corporate-owned UL and VUL, first-year commissionable premiums plus 5% of excess premium received, and single premium bank-owned UL and VUL, 15% of

single premium deposits;

• Term – 100% of annualized first-year premiums; and

• Group Protection – annualized first-year premiums from new policies.

Statistical Supplement is Dated

This document is dated July 31, 2025, and has not been updated since that date. Lincoln Financial does not intend to update this document.

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Lincoln Financial

Credit Ratings

Ratings as of July 31, 2025

Standard

AM Best

Fitch

Moody's

& Poor's

Senior Debt Ratings

bbb+

BBB+

Baa2

BBB+

Financial Strength Ratings

The Lincoln National Life Insurance Company

A+

First Penn-Pacific Life Insurance Company

A+

A-

Lincoln Life & Annuity Company of New York

A+

Investor Inquiries May Be Directed To:

Tina Madon, Senior Vice President,

Investor Relations

Email: InvestorRelations@lfg.com

Phone: 800-237-2920

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Lincoln Financial
Consolidated Statements of Income (Loss)
Unaudited (millions of dollars, except per share data)

		For the Three Months Ended												For the Six Months Ended

		6/30/24		9/30/24		12/31/24		3/31/25		6/30/25	Change			6/30/24		6/30/25	Change
Revenues
Insurance premiums	$	1,625	$	1,614	$	1,586	$	1,676	$	1,682	3.5	%	$	3,226	$	3,358	4.1	%
Fee income		1,339		1,352		1,387		1,365		1,340	0.1	%		2,662		2,706	1.7	%
Net investment income		1,332		1,411		1,435		1,457		1,466	10.1	%		2,679		2,924	9.1	%
Realized gain (loss)		663		(431)		470		11		(641)	NM			230		(631)	NM
Other revenues		194		165		185		182		197	1.5	%		472		378	-19.9	%
Total revenues		5,153		4,111		5,063		4,691		4,044	-21.5	%		9,269		8,735	-5.8	%

Expenses
Benefits		2,008		1,937		1,970		2,068		1,994	-0.7	%		4,011		4,062	1.3	%
Interest credited		853		880		888		890		916	7.4	%		1,675		1,805	7.8	%
Market risk benefit (gain) loss		(136)		657		(1,291)		1,293		(940)	NM			(2,043)		353	117.3	%
Policyholder liability remeasurement (gain) loss		(105)		(50)		(23)		(59)		(88)	16.2	%		(117)		(146)	-24.8	%
Commissions and other expenses		1,351		1,304		1,336		1,368		1,327	-1.8	%		2,951		2,695	-8.7	%
Interest and debt expense		86		86		83		80		(13)	NM			167		67	-59.9	%


Total expenses		4,057		4,814		2,963		5,640		3,196	-21.2	%		6,644		8,836	33.0	%
Income (loss) before taxes		1,096		(703)		2,100		(949)		848	-22.6	%		2,625		(101)	NM
Federal income tax expense (benefit)		201		(175)		414		(227)		149	-25.9	%		509		(78)	NM


Net income (loss)		895		(528)		1,686		(722)		699	-21.9	%		2,116		(23)	NM
Preferred stock dividends declared		(11)		(34)		(11)		(34)		(11)	0.0%			(46)		(46)	0.0%
Adjustment for deferred units of LNC stock
in our deferred compensation plans		—		—		—		—		—	NM			3		—	-100.0	%
Net income (loss) available to common
stockholders – diluted	$	884	$	(562)	$	1,675	$	(756)	$	688	-22.2	%	$	2,073	$	(69)	NM


Earnings (Loss) Per Common Share – Diluted


Net income (loss)	$	5.11	$	(3.29)	$	9.63	$	(4.41)	$	3.80	-25.6	%	$	12.03	$	(0.39)	NM

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Lincoln Financial
Consolidated Balance Sheets
Unaudited (millions of dollars)

		As of

		6/30/24		9/30/24		12/31/24		3/31/25		6/30/25	Change
ASSETS
Investments:
Fixed maturity available-for-sale (“AFS”) securities, net of allowance for
credit losses:
Corporate bonds	$	67,313	$	70,234	$	66,450	$	66,885	$	67,371	0.1%
U.S. government bonds		389		398		391		538		564	45.0%
State and municipal bonds		2,564		2,567		2,371		2,350		2,254	-12.1%
Foreign government bonds		260		252		237		239		239	-8.1%
Residential mortgage-backed securities		1,795		1,882		1,863		1,941		2,063	14.9%
Commercial mortgage-backed securities		1,542		1,643		1,665		1,830		1,972	27.9%
Asset-backed securities		13,072		13,444		13,880		14,241		14,658	12.1%
Hybrid and redeemable preferred securities		239		262		254		273		265	10.9%


Total fixed maturity AFS securities, net of allowance for credit losses		87,174		90,682		87,111		88,297		89,386	2.5%
Trading securities		2,201		2,206		2,025		1,984		1,909	-13.3%
Equity securities		295		293		294		345		341	15.6%
Mortgage loans on real estate, net of allowance for credit losses		20,152		20,856		21,083		21,558		21,996	9.2%

Policy loans		2,513		2,510		2,476		2,529		2,552	1.6%
Derivative investments		8,608		9,522		9,677		7,849		8,349	-3.0%
Other investments		5,652		5,743		6,588		6,653		6,611	17.0%
Total investments		126,595		131,812		129,254		129,215		131,144	3.6%
Cash and invested cash		5,475		6,013		5,801		4,284		7,143	30.5%
Deferred acquisition costs, value of business acquired and deferred sales inducements		12,435		12,475		12,537		12,563		12,604	1.4%

Reinsurance recoverables, net of allowance for credit losses		29,126		29,233		28,750		28,580		28,440	-2.4%


Deposit assets, net of allowance for credit losses		30,330		30,938		30,776		31,048		31,754	4.7%
Market risk benefit assets		4,754		4,565		4,860		4,157		4,577	-3.7%
Accrued investment income		1,135		1,160		1,108		1,134		1,136	0.1%
Goodwill		1,144		1,144		1,144		1,144		1,144	0.0%
Other assets		8,340		8,017		8,163		8,267		8,181	-1.9%
Separate account assets		165,199		171,483		168,438		162,506		172,942	4.7%
Total assets	$	384,533	$	396,840	$	390,831	$	382,898	$	399,065	3.8%

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Lincoln Financial
Consolidated Balance Sheets
Unaudited (millions of dollars)

		As of

		6/30/24		9/30/24		12/31/24		3/31/25		6/30/25	Change
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Policyholder account balances	$	124,113	$	125,968	$	126,197	$	125,262	$	129,209	4.1	%
Future contract benefits		38,560		41,169		39,807		40,665		41,053	6.5	%
Funds withheld reinsurance liabilities		17,044		17,595		16,907		16,838		16,700	-2.0	%
Market risk benefit liabilities		1,275		1,272		1,046		1,306		1,205	-5.5	%

Deferred front-end loads		6,306		6,517		6,730		6,910		7,119	12.9	%
Payables for collateral on investments		11,114		10,570		10,020		8,282		8,466	-23.8	%
Short-term debt		450		300		300		—		—	-100.0	%
Long-term debt by rating agency leverage definitions:
Operating (see note (1) on page 9 for details)		867		867		868		868		868	0.1	%
Financial		4,849		5,030		4,988		5,000		4,899	1.0	%




Other liabilities		6,807		7,056		7,261		7,068		7,056	3.7	%






Separate account liabilities		165,199		171,483		168,438		162,506		172,942	4.7	%
Total liabilities		376,584		387,827		382,562		374,705		389,517	3.4	%

Stockholders’ Equity
Preferred stock		986		986		986		986		986	0.0%
Common stock		4,641		4,660		4,674		4,703		5,545	19.5	%
Retained earnings		6,691		6,049		7,645		6,810		7,409	10.7	%
Accumulated other comprehensive income (loss):
Unrealized investment gain (loss)		(5,253)		(3,565)		(5,601)		(5,078)		(4,750)	9.6	%



Market risk benefit non-performance risk gain (loss)		409		781		146		464		114	-72.1	%
Policyholder liability discount rate remeasurement gain (loss)		795		422		744		633		569	-28.4	%
Foreign currency translation adjustment		(27)		(18)		(29)		(24)		(14)	48.1	%
Funded status of employee benefit plans		(293)		(302)		(296)		(301)		(311)	-6.1	%
Total accumulated other comprehensive income (loss)		(4,369)		(2,682)		(5,036)		(4,306)		(4,392)	-0.5	%
Total stockholders’ equity		7,949		9,013		8,269		8,193		9,548	20.1	%
Total liabilities and stockholders’ equity	$	384,533	$	396,840	$	390,831	$	382,898	$	399,065	3.8	%

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Lincoln Financial
Earnings, Shares and Return on Equity
Unaudited (millions of dollars, except per share data)


		As of or For the Three Months Ended																As of or For the Six Months Ended

		6/30/24			9/30/24			12/31/24			3/31/25			6/30/25		Change			6/30/24			6/30/25		Change
Income (Loss)
Net income (loss)	$	895		$	(528)		$	1,686		$	(722)		$	699		-21.9	%	$	2,116		$	(23)		NM
Pre-tax adjusted income (loss) from operations (1)		389			461			400			362			517		32.9	%		680			879		29.3	%
After-tax adjusted income (loss) from operations (1)(2)		335			392			343			314			438		30.7	%		580			752		29.7	%
Adjusted operating tax rate (1)		13.7	%		15.0	%		14.1	%		13.3	%		15.4	%				14.7	%		14.4	%
Adjusted income (loss) from operations available to
common stockholders (1)		324			358			332			280			427		31.8	%		534			706		32.2	%







ROE
Net income (loss) ROE		46.2	%		-24.9	%		78.1	%		-35.1	%		31.5	%				56.6	%		-0.5	%
Adjusted income (loss) from operations available to common

stockholders, excluding AOCI and preferred stock ROE (1)		11.9	%		13.0	%		11.5	%		9.4	%		14.0	%				10.2	%		11.7	%
Adjusted income (loss) from operations ROE (1)		11.4	%		12.1	%		10.9	%		9.0	%		12.9	%				9.5	%		11.0	%

Per Common Share
Net income (loss) (diluted)	$	5.11		$	(3.29)		$	9.63		$	(4.41)		$	3.80		-25.6	%	$	12.03		$	(0.39)		NM
Adjusted income (loss) from operations (diluted) (1)(3)		1.87			2.06			1.91			1.60			2.36		26.2	%		3.10			3.97		28.1	%
Dividends declared during the period		0.45			0.45			0.45			0.45			0.45		0.0%			0.90			0.90		0.0%

Book Value Per Common Share
Book value per share	$	40.78		$	46.97		$	42.60		$	41.96		$	44.91		10.1	%	$	40.78		$	44.91		10.1	%

Book value per share, excluding AOCI (4)		66.37			62.67			72.06			67.04			67.95		2.4	%		66.37			67.95		2.4	%
Adjusted book value per share (4)		68.51			70.04			72.34			73.19			72.77		6.2	%		68.51			72.77		6.2	%

Common Shares

End-of-period – basic		170.7			170.9			171.0			171.7			190.6		11.7	%		170.7			190.6		11.7	%
Average for the period – basic		170.6			170.8			170.9			171.3			177.2		3.9	%		170.3			174.3		2.3	%
End-of-period – diluted (1)		173.4			173.6			174.1			175.3			194.0		11.9	%		173.4			194.0		11.9	%
Average for the period – diluted (1)		172.9			173.6			174.0			174.7			180.6		4.5	%		172.4			177.7		3.1	%


(1) The six month period ended June 30, 2024, has been recast to conform to the current period presentation. See page 1 for further information.
(2) See reconciliation to net income (loss) on page 26.
(3) See reconciliation to earnings (loss) per common share – diluted on page 28.
(4) See reconciliation to stockholders’ equity and book value per common share on page 30.

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Lincoln Financial
Key Stakeholder Metrics
Unaudited (millions of dollars, except per share data)

	As of or For the Three Months Ended																	For the Six Months Ended

		6/30/24			9/30/24			12/31/24			3/31/25			6/30/25		Change			6/30/24		6/30/25	Change



Cash Returned to Common Stockholders – Common Dividends	$	77		$	77		$	77		$	77		$	77		0.0%		$	153	$	154	0.7	%


Cash Returned to Preferred Stockholders – Preferred Dividends	$	11		$	34		$	11		$	34		$	11		0.0%		$	46	$	46	0.0%


Leverage Ratio
Short-term debt	$	450		$	300		$	300		$	—		$	—		-100.0	%
Long-term debt		5,716			5,897			5,856			5,868			5,767		0.9	%
Total debt		6,166			6,197			6,156			5,868			5,767		-6.5	%
Preferred stock		986			986			986			986			986		0.0%
Total debt and preferred stock		7,152			7,183			7,142			6,854			6,753		-5.6	%







Less:
Operating debt (1)		867			867			868			868			868		0.1	%
Pre-funding of upcoming debt maturities		300			300			300			—			—		-100.0	%
25% of capital securities and subordinated notes		302			302			302			302			247		-18.2	%
50% of preferred stock		493			493			493			493			493		0.0%
Carrying value of fair value hedges and other items		123			153			111			122			119		-3.3	%
Total numerator	$	5,067		$	5,068		$	5,068		$	5,069		$	5,026		-0.8	%

Adjusted stockholders’ equity (2)	$	11,698		$	11,967		$	12,367		$	12,569		$	13,873		18.6	%


Add:
25% of capital securities and subordinated notes		302			302			302			302			247		-18.2	%
50% of preferred stock		493			493			493			493			493		0.0%
Total numerator		5,067			5,068			5,068			5,069			5,026		-0.8	%
Total denominator	$	17,560		$	17,830		$	18,230		$	18,433		$	19,639		11.8	%

Leverage ratio		28.9	%		28.4	%		27.8	%		27.5	%		25.6	%


Holding Company Available Liquidity (3)	$	763		$	759		$	763		$	466		$	466		-38.9	%




(1) We have categorized as operating debt the senior notes issued in October 2007 and June 2010 because the proceeds were used as a long-term structured solution to reduce
the strain on increasing statutory reserves associated with secondary guarantee UL and term policies.
(2) See reconciliation to stockholders’ equity on page 30.





(3) Includes pre-funding of upcoming debt maturities.

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Lincoln Financial
Select Earnings Drivers By Segment
Unaudited (millions of dollars)

	For the Three Months Ended													For the Six Months Ended

		6/30/24		9/30/24		12/31/24		3/31/25		6/30/25	Change			6/30/24		6/30/25	Change
Annuities
Operating revenues	$	1,209	$	1,195	$	1,223	$	1,198	$	1,214	0.4	%	$	2,477	$	2,412	-2.6	%
Deposits		3,823		3,383		3,692		3,799		4,024	5.3	%		6,672		7,823	17.3	%
Net flows		(954)		(1,637)		(1,891)		(1,676)		(1,162)	-21.8	%		(2,946)		(2,838)	3.7	%



Average account balances, net of reinsurance		158,370		161,680		165,424		163,688		159,806	0.9	%		156,531		161,877	3.4	%
Alternative investment income (1)		1		4		4		2		3	200.0	%		4		6	50.0	%

Life Insurance
Operating revenues	$	1,511	$	1,589	$	1,608	$	1,587	$	1,602	6.0	%	$	3,052	$	3,188	4.5	%
Deposits		1,230		1,262		1,402		1,218		1,281	4.1	%		2,438		2,500	2.5	%
Net flows		751		738		930		569		633	-15.7	%		1,492		1,202	-19.4	%
Average account balances, net of reinsurance		43,230		44,055		44,746		44,390		45,651	5.6	%		42,755		45,020	5.3	%
Average in-force face amount		1,085,383		1,083,176		1,080,074		1,074,858		1,069,688	-1.4	%		1,086,394		1,072,273	-1.3	%
Alternative investment income (1)		32		92		96		70		94	193.8	%		106		163	53.8	%

Group Protection
Operating revenues	$	1,441	$	1,432	$	1,418	$	1,521	$	1,538	6.7	%	$	2,867	$	3,059	6.7	%
Insurance premiums		1,298		1,288		1,274		1,371		1,386	6.8	%		2,583		2,757	6.7	%
Alternative investment income (1)		1		1		2		1		2	100.0	%		2		3	50.0	%

Retirement Plan Services
Operating revenues	$	327	$	335	$	337	$	327	$	331	1.2	%	$	649	$	658	1.4	%
Deposits		3,282		4,180		3,473		4,115		3,594	9.5	%		7,085		7,709	8.8	%
Net flows		(197)		651		(732)		(2,184)		(585)	NM			194		(2,768)	NM
Average account balances		106,374		110,550		113,711		113,075		111,734	5.0	%		104,518		112,772	7.9	%
Alternative investment income (1)		1		2		2		2		2	100.0	%		2		4	100.0	%

Consolidated
Adjusted operating revenues (2)	$	4,527	$	4,603	$	4,628	$	4,685	$	4,726	4.4	%	$	9,111	$	9,411	3.3	%
Deposits		8,335		8,825		8,567		9,132		8,899	6.8	%		16,195		18,032	11.3	%
Net flows		(400)		(248)		(1,693)		(3,291)		(1,114)	NM			(1,260)		(4,404)	NM
Average account balances, net of reinsurance		307,974		316,285		323,881		321,153		317,191	3.0	%		303,804		319,669	5.2	%
Alternative investment income (1)		36		100		105		75		101	180.6	%		114		176	54.4	%


(1) Excludes alternative investment income on investments supporting our modified coinsurance and coinsurance with funds withheld agreements as we have a limited
economic interest in the investments.
(2) See reconciliation to total revenues on page 27.

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Lincoln Financial
Sales By Segment
Unaudited (millions of dollars)

	For the Three Months Ended																		For the Six Months Ended

		6/30/24			9/30/24			12/31/24			3/31/25			6/30/25		Change			6/30/24			6/30/25		Change
Sales
Annuities:
RILA	$	1,096		$	1,203		$	1,285		$	1,292		$	1,447		32.0	%	$	2,038		$	2,739		34.4	%
Fixed		1,667			1,009			560			863			1,221		-26.8	%		2,637			2,083		-21.0	%
Traditional variable with GLBs		634			691			1,243			1,099			935		47.5	%		1,179			2,033		72.4	%
Traditional variable without GLBs		420			472			601			535			416		-1.0	%		809			952		17.7	%

Total Annuities	$	3,817		$	3,375		$	3,689		$	3,789		$	4,019		5.3	%	$	6,663		$	7,807		17.2	%


Life Insurance:
IUL/UL	$	25		$	32		$	26		$	24		$	28		12.0	%	$	43		$	52		20.9	%
MoneyGuard®		34			35			35			28			29		-14.7	%		58			58		0.0%

VUL		19			22			21			15			15		-21.1	%		43			30		-30.2	%
Term		18			15			13			13			15		-16.7	%		37			28		-24.3	%

Executive Benefits		9			18			24			17			34		277.8	%		16			50		212.5	%
Total Life Insurance	$	105		$	122		$	119		$	97		$	121		15.2	%	$	197		$	218		10.7	%


Group Protection:
Life	$	81		$	42		$	184		$	101		$	104		28.4	%	$	167		$	205		22.8	%
Disability		74			36			253			48			70		-5.4	%		125			118		-5.6	%
Dental		6			6			30			8			13		116.7	%		14			21		50.0	%
Total Group Protection	$	161		$	84		$	467		$	157		$	187		16.1	%	$	306		$	344		12.4	%

Percent employee-paid		50.0	%		52.8	%		34.3	%		72.3	%		58.7	%				59.6	%		64.9	%

Retirement Plan Services:
First-year sales	$	821		$	1,652		$	1,273		$	1,104		$	1,222		48.8	%	$	1,949		$	2,326		19.3	%
Recurring deposits		2,461			2,528			2,200			3,011			2,372		-3.6	%		5,136			5,383		4.8	%
Total Retirement Plan Services	$	3,282		$	4,180		$	3,473		$	4,115		$	3,594		9.5	%	$	7,085		$	7,709		8.8	%

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Lincoln Financial
Operating Revenues and General and Administrative Expenses By Segment and Other Operations
Unaudited (millions of dollars)

	For the Three Months Ended																		For the Six Months Ended

		6/30/24			9/30/24			12/31/24			3/31/25			6/30/25		Change			6/30/24			6/30/25		Change
Operating Revenues
Annuities	$	1,209		$	1,195		$	1,223		$	1,198		$	1,214		0.4	%	$	2,477		$	2,412		-2.6	%
Life Insurance		1,511			1,589			1,608			1,587			1,602		6.0	%		3,052			3,188		4.5	%
Group Protection		1,441			1,432			1,418			1,521			1,538		6.7	%		2,867			3,059		6.7	%
Retirement Plan Services		327			335			337			327			331		1.2	%		649			658		1.4	%
Other Operations		39			52			42			52			41		5.1	%		66			94		42.4	%
Total adjusted operating revenues	$	4,527		$	4,603		$	4,628		$	4,685		$	4,726		4.4	%	$	9,111		$	9,411		3.3	%


General and Administrative Expenses,
Net of Amounts Capitalized
Annuities	$	112		$	103		$	112		$	108		$	110		-1.8	%	$	246		$	218		-11.4	%
Life Insurance		125			126			129			119			122		-2.4	%		256			241		-5.9	%
Group Protection		193			195			195			202			206		6.7	%		380			408		7.4	%
Retirement Plan Services		80			81			82			81			80		0.0%			161			161		0.0%
Other Operations (1)		64			67			70			65			55		-14.1	%		120			120		0.0%
Total (1)	$	574		$	572		$	588		$	575		$	573		-0.2	%	$	1,163		$	1,148		-1.3	%


General and Administrative Expenses,
Net of Amounts Capitalized, as a Percentage
of Operating Revenues
Annuities		9.3	%		8.6	%		9.2	%		9.0	%		9.1	%				9.9	%		9.0	%
Life Insurance		8.3	%		7.9	%		8.0	%		7.5	%		7.6	%				8.4	%		7.6	%
Group Protection		13.4	%		13.6	%		13.8	%		13.3	%		13.4	%				13.3	%		13.3	%
Retirement Plan Services		24.4	%		24.3	%		24.3	%		24.9	%		24.1	%				24.8	%		24.5	%

Total (1)		12.7	%		12.4	%		12.7	%		12.3	%		12.1	%				12.8	%		12.2	%



(1) The six month period ended June 30, 2024, has been recast to conform to the current period presentation. See page 1 for further information.

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Lincoln Financial
Operating Commissions and Other Expenses
Unaudited (millions of dollars)

	For the Three Months Ended													For the Six Months Ended

		6/30/24		9/30/24		12/31/24		3/31/25		6/30/25	Change			6/30/24		6/30/25	Change
Operating Commissions and
Other Expenses Incurred
General and administrative expenses (1)	$	638	$	632	$	650	$	629	$	627	-1.7	%	$	1,278	$	1,256	-1.7	%
Commissions		561		546		575		558		570	1.6	%		1,200		1,127	-6.1	%
Taxes, licenses and fees (1)		76		80		75		98		80	5.3	%		168		178	6.0	%
Interest and debt expense		86		86		83		80		81	-5.8	%		167		161	-3.6	%
Expenses associated with reserve financing
and letters of credit		28		32		36		32		33	17.9	%		58		65	12.1	%
Total adjusted operating commissions and
other expenses incurred (1)		1,389		1,376		1,419		1,397		1,391	0.1	%		2,871		2,787	-2.9	%

Less Amounts Capitalized
General and administrative expenses		(64)		(60)		(62)		(54)		(54)	15.6	%		(115)		(108)	6.1	%
Commissions		(224)		(236)		(263)		(238)		(252)	-12.5	%		(428)		(490)	-14.5	%
Taxes, licenses and fees		(7)		(8)		(7)		(9)		(7)	0.0%			(16)		(16)	0.0%
Total amounts capitalized		(295)		(304)		(332)		(301)		(313)	-6.1	%		(559)		(614)	-9.8	%
Total expenses incurred, net of amounts
capitalized, excluding amortization (1)		1,094		1,072		1,087		1,096		1,078	-1.5	%		2,312		2,173	-6.0	%

Amortization
Amortization of DAC, VOBA and other intangibles (2)		274		299		302		309		307	12.0	%		544		617	13.4	%
Total operating commissions and
other expenses (1)(2)	$	1,368	$	1,371	$	1,389	$	1,405	$	1,385	1.2	%	$	2,856	$	2,790	-2.3	%



(1) The six month period ended June 30, 2024, has been recast to conform to the current period presentation. See page 1 for further information.
(2) Effective in the third quarter of 2024, we collapsed the amortization of deferred gain (loss) on business sold through reinsurance line item, reclassifying the deferred gain
amortization to other revenues and presenting the amortization of deferred loss within operating expenses. For prior periods, the amortization of deferred gain (loss)
on business sold through reinsurance is presented on a net basis within other revenues.

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Lincoln Financial
Annuities – Select Earnings and Operational Data
Unaudited (millions of dollars)

														As of or For the
	As of or For the Three Months Ended													Six Months Ended

		6/30/24		9/30/24		12/31/24		3/31/25		6/30/25	Change			6/30/24		6/30/25	Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	34	$	38	$	29	$	21	$	28	-17.6	%	$	60	$	50	-16.7	%
Fee income (1)		587		601		612		591		575	-2.0	%		1,167		1,166	-0.1	%
Net investment income		435		442		462		466		487	12.0	%		855		953	11.5	%



Other revenues		153		114		120		120		124	-19.0	%		395		243	-38.5	%
Total operating revenues		1,209		1,195		1,223		1,198		1,214	0.4	%		2,477		2,412	-2.6	%
Operating expenses:
Benefits		38		38		40		29		37	-2.6	%		64		66	3.1	%
Interest credited		377		399		407		419		439	16.4	%		729		858	17.7	%
Policyholder liability remeasurement (gain) loss		2		—		—		(1)		(5)	NM			3		(6)	NM

Commissions incurred		269		285		307		298		292	8.6	%		523		590	12.8	%
Other expenses incurred		180		136		157		145		142	-21.1	%		489		286	-41.5	%
Amounts capitalized		(115)		(129)		(155)		(147)

LINCOLN NATIONAL CORP 8-K